ADL TRADING: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ADL TRADING
Largest movements
- Receivables within one year +€479,176
up €479,176 (+58.0%), from €826,494 to €1.3m
of which Trade receivables: +€479,163
- Cash +€284,138
up €284,138 (+353%), from €80,503 to €364,640
mainly Net result for the year (+€451,878) and Debts after one year (+€236,130)
- Tangible fixed assets +€118,223
up €118,223 (+5.6%), from €2.1m to €2.2m
of which Furniture and vehicles: +€246,476
- Stocks and contracts +€53,623
up €53,623 (+5.7%), from €939,324 to €992,946
- Debts after one year +€236,130
up €236,130 (+24.5%), from €964,765 to €1.2m
of which Financial debts: +€291,130
- Trade debts +€232,893
up €232,893 (+60.9%), from €382,274 to €615,167
- Reserves +€231,289
up €231,289 (+11.7%), from €2.0m to €2.2m
- Current portion of long-term debt +€104,653
up €104,653 (+60.8%), from €172,033 to €276,686
- Tax, wage and social debts +€72,419
up €72,419 (+57.5%), from €125,878 to €198,297
of which Taxes: +€73,245
- Gross operating margin +€274,315
up €274,315 (+23.3%), from €1.2m to €1.5m
- Staff costs +€96,084
up €96,084 (+18.1%), from €530,844 to €626,927
- Taxes +€41,567
up €41,567 (+37.4%), from €111,013 to €152,580
- Depreciation +€26,756
up €26,756 (+16.6%), from €160,993 to €187,749
- Write-downs -€16,616
down €16,616, from €9,946 to -€6,670
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,002,560 | €4,931,763 | +€929,204 | +23.2% |
| Fixed assets | 21/28 | €2,122,597 | €2,240,820 | +€118,223 | +5.6% |
| Tangible fixed assets | 22/27 | €2,121,592 | €2,239,815 | +€118,223 | +5.6% |
| Land and buildings | 22 | €1,940,201 | €1,831,487 | -€108,714 | -5.6% |
| Plant, machinery and equipment | 23 | €4,123 | €2,413 | -€1,710 | -41.5% |
| Furniture and vehicles | 24 | €63,867 | €310,343 | +€246,476 | +386% |
| Leasing and similar rights | 25 | €96,048 | €78,219 | -€17,829 | -18.6% |
| Other tangible fixed assets | 26 | €17,353 | €17,353 | = | 0.0% |
| Financial fixed assets | 28 | €1,005 | €1,005 | = | 0.0% |
| Current assets | 29/58 | €1,879,963 | €2,690,944 | +€810,981 | +43.1% |
| Stocks and contracts in progress | 3 | €939,324 | €992,946 | +€53,623 | +5.7% |
| Stocks | 30/36 | €939,324 | €992,946 | +€53,623 | +5.7% |
| Amounts receivable within one year | 40/41 | €826,494 | €1,305,670 | +€479,176 | +58.0% |
| Trade receivables | 40 | €812,400 | €1,291,563 | +€479,163 | +59.0% |
| Other amounts receivable | 41 | €14,094 | €14,107 | +€13 | +0.1% |
| Cash at bank and in hand | 54/58 | €80,503 | €364,640 | +€284,138 | +353% |
| Deferred charges and accrued income | 490/1 | €33,642 | €27,687 | -€5,955 | -17.7% |
| Total equity and liabilities | 10/49 | €4,002,560 | €4,931,763 | +€929,204 | +23.2% |
| Equity | 10/15 | €2,131,758 | €2,353,673 | +€221,916 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,982,889 | €2,214,179 | +€231,289 | +11.7% |
| Distributable reserves | 133 | €1,982,889 | €2,214,179 | +€231,289 | +11.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €130,268 | €120,895 | -€9,374 | -7.2% |
| Amounts payable | 17/49 | €1,870,802 | €2,578,090 | +€707,288 | +37.8% |
| Amounts payable after more than one year | 17 | €964,765 | €1,200,894 | +€236,130 | +24.5% |
| Financial debts | 170/4 | €701,765 | €992,894 | +€291,130 | +41.5% |
| Trade debts | 175 | €0 | - | = | |
| Other amounts payable | 178/9 | €263,000 | €208,000 | -€55,000 | -20.9% |
| Amounts payable within one year | 42/48 | €904,423 | €1,374,834 | +€470,411 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €172,033 | €276,686 | +€104,653 | +60.8% |
| Financial debts | 43 | €40,727 | €40,396 | -€331 | -0.8% |
| Credit institutions | 430/8 | €40,727 | €40,396 | -€331 | -0.8% |
| Trade debts | 44 | €382,274 | €615,167 | +€232,893 | +60.9% |
| Suppliers | 440/4 | €382,274 | €615,167 | +€232,893 | +60.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €125,878 | €198,297 | +€72,419 | +57.5% |
| Taxes | 450/3 | €79,025 | €152,270 | +€73,245 | +92.7% |
| Remuneration and social security | 454/9 | €46,853 | €46,027 | -€826 | -1.8% |
| Other amounts payable | 47/48 | €183,510 | €244,288 | +€60,778 | +33.1% |
| Accrued charges and deferred income | 492/3 | €1,615 | €2,362 | +€747 | +46.3% |
| Remuneration, social security and pensions | 62 | €530,844 | €626,927 | +€96,084 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,993 | €187,749 | +€26,756 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,946 | -€6,670 | -€16,616 | |
| Other operating charges | 640/8 | €18,049 | €16,860 | -€1,189 | -6.6% |
| Gross operating margin | 9900 | €1,176,560 | €1,450,875 | +€274,315 | +23.3% |
| Operating profit (loss) | 9901 | €456,730 | €626,010 | +€169,280 | +37.1% |
| Financial income | 75/76B | €48,337 | €40,010 | -€8,327 | -17.2% |
| Recurring financial income | 75 | €48,337 | €40,010 | -€8,327 | -17.2% |
| Financial charges | 65/66B | €64,661 | €61,562 | -€3,099 | -4.8% |
| Recurring financial charges | 65 | €64,661 | €61,562 | -€3,099 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €440,405 | €604,458 | +€164,052 | +37.3% |
| Income taxes | 67/77 | €111,013 | €152,580 | +€41,567 | +37.4% |
| Profit (loss) for the period | 9904 | €329,392 | €451,878 | +€122,486 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €329,392 | €451,878 | +€122,486 | +37.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.